You Have a Routine of Studying the Cash Flows of Public

Multiple Choice

You have a routine of studying the cash flows of public firms based on their quarterly financial statements. From your studies, you have determined that the market undervalues increases in a firm's operating cash flows and thus, you have been able to earn excess profits by trading on this information. This indicates that the market is less than __________ efficient.

A) weak-form
B) historical-form
C) semi-strong form
D) full-form
E) mild-form